In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Covisint Corp (NASDAQ:COVS) reported that Dialectic Capital Management has picked up 292,000 of common stock as of 2017-04-20.
The acquisition brings the aggregate amount owned by Dialectic Capital Management to a total of 292,000 representing less than 1.0% stake in the company.
For those not familiar with the company, Covisint Corporation provides an open, enterprise class cloud platform (Platform) enabling organizations to build solutions that identify, authenticate and connect users, devices, applications and information. The Company’s Auto Supply Portal is involved in the development and integration of three cloud-based technologies, such as identity management, data integration and exchange services, and portal services. The Company’s Platform is delivered through the cloud as a Platform as a Service (PaaS). The Company’s Platform supports production-critical applications, and offers security, scalability and reliability. The Platform’s various capabilities include Identity services, Messaging and orchestration services and Internet of Things (IoT) Services. Its customers include large, across the globe distributed organizations and mid-sized organizations with external business relationships, as well as the participants in their business relationships.
A glance at Covisint Corp (NASDAQ:COVS)’s key stats reveals a current market capitalization of 73.56 Million based on 40.87 Million shares outstanding and a price at last close of $1.80 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-02-12 Grabe picked up 300 at a purchase price of $1.75. This brings their total holding to 106,788 as of the date of the filing.
On the sell side, the most recent transaction saw Asam unload 6,613 shares at a sale price of 2.30. This brings their total holding to 84,348.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Covisint Corp (NASDAQ:COVS) as things move forward to see if its progress aligns with these transactions.
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